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"With these new SEC rules, it makes it possible for the little guy like you or me to buy into an IPO previously unavailable," O'Hurley tells TV viewers.

Those new SEC rules are something called "Regulation A ," which was approved in March 2015 as part of the JOBS Act.

At the center of it all is Ramy El-Batrawi, whose life before starting Yay Yo involved working with an arms dealer, promoting "Men Are from Mars, Women Are From Venus," and led ultimately to accusations of a stock-manipulation scheme and one of the biggest securities bailouts in history.

El-Batrawi never admitted wrongdoing but was barred from running a public company for five years, a steep comedown for a man who once proudly rubbed shoulders with the likes of Hugh Hefner, Ivanka Trump, and royalty as he sought to amass a fortune.

Launching the aggregator service is dependent on securing agreements with companies such as Uber and Lyft so that it can integrate those services' prices and available cars into the Yay Yo app.

El-Batrawi said in one conversation that those deals were on the way.

Regulation A made it easier for early-stage startups like Yay Yo to essentially crowdsource investment in a "mini-IPO." It's like Kickstarter, except investors become real shareholders.

The idea was to open startup investing to Main Street, as long as they don't put in more than 10% of their income or assets.

Meant to spur investment in smaller companies, it also allowed companies to pitch their IPOs on TV for the first time and created a new kind of mini-IPO whereby entrepreneurs can raise up to million from just about anyone.And as part of the rules, there are fewer requirements and regulations for companies like Yay Yo than if it were to do a full-fledged IPO.There are actually two kinds of Regulation A offerings."We are moving along in pretty good shape," he said.But while Yay Yo aggressively solicits investors on TV, the company's products are far from ready, and some of his claims don't seem to stand up.Experts say the implication that Yay Yo could become bigger than Uber is audacious enough to attract legal and regulatory scrutiny.About 700 people have already invested, El-Batrawi says, with individual investments ranging from a single share purchase to 0,000.Yay Yo is in "contact" with Uber and it has an "agreement" with Lyft, he said. "We sent Yay Yo a cease-and-desist letter several weeks ago and have suspended their access to Lyft," Adrian Durbin, a Lyft spokesman, told Business Insider."I think it's fair to say that their CEO's characterization of our relationship is wildly inaccurate." Uber has no deal of any kind with Yay Yo, according to Kaitlin Durkosh, a spokeswoman for Uber.In Tier 1, a company can raise up to million from investors in a year.Importantly, Tier 1 is regulated more by individual states than the SEC.